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Financial Memos

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ARTICLES

When earned revenue is reported is an important accounting principle.

When is Earned Revenue Reported?

Do you pay income tax on drawings from a business?

Do You Pay Tax on Drawings From a Business?

Contingent assets are possible assets contingent on future events taking place.

Contingent Asset Accounting and Analysis

Accrued revenue is income that has been earned but not yet billed or received.

Accrued Revenue Accounting and Journal Entries

Accrued expenses are balance day adjustments for expenses incurred but not yet paid.

Accrued Expense Accounting and Journal Entries

Prepayments are for goods and services paid in advance and yet to be delivered.

Prepayments Occur When Payments Are In Advance

Revenue received in advance of work completed is treated as unearned revenue liability.

Unearned Revenue Accounting

Friday, January 22, 2021

Category: Tutorials

When is Earned Revenue Reported?
Accounting Tutorials Tutorials

When is Earned Revenue Reported?

January 16, 2021

When starting out in your accounting studies some of the earliest material to be covered is that concerning accounting principles. These are the fundamental understandings or agreements in the field … Read More

accounting conceptsaccounting principlesaccrual concept of accountingaccrued revenuerevenue Comment on When is Earned Revenue Reported?
Do You Pay Tax on Drawings From a Business?
Accounting Tutorials Tutorials

Do You Pay Tax on Drawings From a Business?

January 2, 2021

In my experience as a Chartered Accountant over the past 20 years, one of the areas that causes the greatest confusion for new clients is drawings. In particular the question … Read More

drawingsinterest on drawings Comment on Do You Pay Tax on Drawings From a Business?
Contingent Asset Accounting and Analysis
Accounting Tutorials Tutorials

Contingent Asset Accounting and Analysis

September 11, 2020

In accounting a contingent asset is a possible asset the business will receive at some point but the existence of these benefits, and control over them, is to be confirmed … Read More

contingent assetsIAS 37 Comment on Contingent Asset Accounting and Analysis
Accrued Revenue Accounting and Journal Entries
Accounting Tutorials Blog Tutorials

Accrued Revenue Accounting and Journal Entries

September 7, 2020

Accrued revenue is the recognition of income by the business that has not yet been billed, invoiced, or money received. In today’s accounting tutorial, the last in our series on … Read More

accrued revenuebalance day adjustments Comment on Accrued Revenue Accounting and Journal Entries
Accrued Expense Accounting and Journal Entries
Accounting Tutorials Tutorials

Accrued Expense Accounting and Journal Entries

September 4, 2020

When a business records an expense at the end of reporting period for which it has not received an invoice for nor paid we call this an accrued expense. Under … Read More

accrual concept of accountingAccrued Expensebalance day adjustments Comment on Accrued Expense Accounting and Journal Entries
Prepayments Occur When Payments Are In Advance
Accounting Tutorials Tutorials

Prepayments Occur When Payments Are In Advance

August 31, 2020

Today’s accounting tutorial is going to look at prepayments, which occur when an expense or income is paid or received before contract obligations are fulfilled. This tutorial will be looking … Read More

accrual concept of accountingbalance day adjustmentsprepayments Comment on Prepayments Occur When Payments Are In Advance
Unearned Revenue Accounting
Accounting Tutorials Tutorials

Unearned Revenue Accounting

August 28, 2020

Unearned revenue is money received by a business for which the goods and / or services the payment is for have yet to be provided. Sometimes this type of revenue … Read More

accrual concept of accountingbalance day adjustmentsdeferred incomeprepaid incomeunearned revenue Comment on Unearned Revenue Accounting

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